How many homes have you purchased?

[NNN0LHI]

Two for me. First one in 1986 when I was 31 and then the one I live in now in 1989. I was too scared to purchase one before that because I was getting laid off all the time. Lot of guys I worked with during the 80's lost their houses. This house I bought was bank owned after a foreclosure.

And no money down was unheard of. 20% down was the minimum without having to pay mortgage insurance which could easily tack on an extra hundred dollars or more per month onto your mortgage payment. And it cost $500.00 to apply for a home mortgage back then. Non-refundable. Even if you were denied the loan you lost your $500 bucks.

Don

[fasttense]

1. My 1st house in 1983 cost me $30,000 total. I had a 11% interest rate and thought I was doing well.

Today, $30,000 is only enough to buy a car.

[HereSince1628]

20. My 1st was 15k back in 77 in a 'transitional' neighborhood

on the east side of Carbondale Illinois.

But that was also a time when newly minted PhDs negotiated starting salaries between $9K and $11K per year and were glad to have a job.

[Lance_Boyle]

2. I think 20% down is still required to avoid mortgage insurance.

At least it was 7 years ago when I bought my first (and thus far only) home. Oddly enough also bank-owned after a foreclosure.

[FBaggins]

10. It depends on the program.

Though most that allow less than 20% down without PMI (or the similar MIP) have other fees or rates that end up costing you as much as the PMI.

[Statistical]

3. I know I likely will get flamed for this but personally I think

The only legal mortgage should be:
* at least 10%+ down (20% strongly encouraged via PMI and 0.5% higher rate)
* solid credit history for at least previous 3 years
* 30 yr fixed (or 15 yr fixed even though there is really no need simply make larger payment),
* all closing costs paid either by seller or buyer (no rolling closing costs into loan)
* escrow account required

The lenders shouldn't be allowed to hide & add fees. All their fees should be marked as LENDER FEE period. Right now some places use lender fee, some use individualized fee (mailing fee, filing fee, application fee, fee processing fee, etc). Obviously true 3rd party fees could be broken out (apraisal, home inspection).

Thus comparing loans would be very easy.

Lender A.
5.75% w/ $2000 in fees (plus 3rd party fees)

Lender B
6.00% w/ $800 in fees (plus 3rd party fees)


Boring banking. You know what existed for 80+ years without a problem.

Oh to answer your question 1 (well 2 if you consider refinance). Years ago we planned to eventually move to something bigger with nicer neighborhood & yard (2000 - 2500 sq ft, $350,000+). Despite stable jobs as time goes by I find it less and less compelling. Might live here my whole life.

[LaurenG]

4. 4 and one was a mobile home

I bought one and then got divorced so I moved away and bought one in Denver sold it and moved to KY and then sold it when I moved across the river and bought another one in 2003. I used FHA for the first one and the VA for two and conventional for the fourth. The equity was used as a down after the first house.

Now there is no equity. I'm glad I have a job to pay the mortgage because I probably couldn't get another one now.

[RockaFowler]

17. 2 including 1 mobile home

Hey the mobile home was all we could afford at the time. We paid cash for it. I wish we could have paid cash for our current house. We bought in 2006 because we were afraid to live in a mobile home anymore due to the hurricanes of 2004 & 2005. I do feel safer, but boy I wish we didn't have that mortgage payment anymore

[safeinOhio]

5. Four

lost 2 in divorces, but now live in my dream house and paid cash for it two and a half years ago. Lucky, in that bank owned repossessed homes were very cheap in Ohio a few years ago. Updated the kitchen and water proofed the basement. Nothing left to do but keep it up. It's in a small village of 317 people only a few miles from a larger college town, perfect.

[NEOhiodemocrat]

6. Three for us

First in 1974, $26,000. Second in 1980, $68,000, and current house, $44,500 (old farmhouse fixer upper) in 1989 after plant closing and we transferred across the state. We always had at least 20% down and set it up so no escrow required and could make additional principle payments at any time. Last one interest rates were high when we bought so we did refinance it after a while. Done with mortgage's now and plan on staying put here for the duration if I possibly can.

[tularetom]

7. Four, two of which I still own

I bought the one I live in now in 1988. It was a 1912 vintage farm house with acreage. Two years later I sold some of the land and paid off my loan.

I still own the one in town I lived in before moving here. My kid is renting it from me now.

[Sherman A1]

8. Two

first one in 1977, the second in 1987 which I got to buy out my Ex in 1996 so I am paying for this one again of sorts.

Hope to stay here another 10 years and then find something for retirement.

[dmallind]

9. 7 so far. Dunno what was necessary each time, but I had >20% down on every one. NT

[Fuzz]

11. 1 Condo 1995, 1 house 2001.

[Bettie]

Four for us

First in Madison, WI, then DH got transferred to IL..

Second in Beach Park, IL, the Sears decided that someone "at his level" needed a master's degree, so...

Third in Belle Plaine, IA...

Fourth is a teeny house on a big lot in town here that we were able to buy for very little. We hope to someday build a new house with a basement on it. Right now, DH uses the garage for his projects and we have a huge garden there.

[saltpoint]

12. So far we're running well behind John & Cindy McCain...

[Vickers]

13. Two: one in 1993 (VA loan, so only 5% down) and one in 1999 that

I put 25% down on.

[slackmaster]

14. One, but I feel like I've purchased it twice

Once when I initially bought it, and a second time when I bought out my ex-wife's share of the equity.

[hobbit709]

15. One. HUD house in 1990 for $36,000. Just under 1000 sq. ft. counting garage.

Got in on first time home buyers program with $500 down and 25 year mortgage at 7.5%. It will be paid of after the first of the year. Original payments were $375/mo. Currently $586/mo due to vastly increased taxes.

[CanonRay]

16. I'm living in my 5th

The first cost me $34,000 in 1976, and my father-in-law thought I was nuts. I put some sweat equity into it and sold it for $59,000 two years later. That's when housing used to go up once in a while.

[ipaint]

18. 0, always rented.

[sinkingfeeling]

19. Nine. Bought my first one at age 24 in 1972.